European expansion to drive 27% revenue growth at Gaming Realms in full-year 2021
Mobile games developer Gaming Realms expects to report full-year revenue of £14.5m and adjusted EBITDA of £5.6m for 2021, according to a pre-close trading update.
These figures represent a year-on-year increase of 27% in revenue and 70% in EBITDA, which the developer said was driven by the continued growth of the group’s licensing business, having launched in Michigan and Pennsylvania and added 35 new partners internationally during the period.
Gaming Realms’ expansion into further new markets during the fourth quarter has continued into Q1 2022, the supplier said.
The business expanded throughout Europe during Q4. It launched in Romania in November via a partnership agreement with Superbet and in the newly regulated Netherlands under an agreement with JVH Gaming & Entertainment-owned Jack’s Casino in December.
Following the end of 2021, the group entered the Spanish market in January via an agreement with Bally’s-owned Gamesys, under its Monopoly and Botamania brands.
Michael Buckley, executive chairman of Gaming Realms, commented: “We are delighted with the performance in 2021, where we launched in new markets and increased the distribution of our expanded Slingo portfolio.
“We have a strong pipeline of opportunities and the outlook is very encouraging, with further expected expansion of our international footprint coupled with additional deals within the markets where our content is already distributed.
“We believe that the strong momentum of last year will continue into 2022 which is demonstrated by entry into regulated markets announced today.”
The company’s full-year 2021 report is expected to be published during the week commencing 25 April 2022.
The London-listed supplier’s shares are currently trading at 29.40p, down some 5% from this morning’s opening price of 32.18p.
In a note sent to investors, Peel Hunt reiterated its Buy rating for the stock and 60p target price, citing the early commercial stage of new partnerships in Europe, and the yet-to-be-realised potential of its Slingo games in newly regulated US states.